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As we know, the Construction Sectors have shifted out of their developing platforms. For the preceding few decades, both governments play a crucial role in every sector like the construction of highways, schools, buildings, and companies etc. Also, it ensures to bring employment to the workers. In this article, we will talk about the GST Rate on Building Materials like Cement, Roofing Sheets, and Pipes. Understand About GST GST is an ultimate Indirect Tax that has imposed on sale, production, and consumption of goods and aid over the nation. It is a separate tax proper for the supply of goods from the operator to the user. GST is acceptable only on purpose extension at each stage. Although, GST registration is essential for registering the businesses. Advantages of GST Registration GST excludes the cascading effect of tax GST is a comprehensive indirect tax that has the design to bring indirect taxation under one umbrella. More importantly, it is running to eliminate the cascading effect of tax that was evident earlier. The simple and easy online procedure The entire method of GST Registration has made online, and it is super easy. This has been beneficial for start-ups particularly, as they do not have to run from pillar to post to get several registrations such as VAT, excise, and service tax. Composition scheme for small businesses Under GST, small businesses (with a turnover of Rs 20 to 75 lakh) can serve as it gives an option to lower taxes by utilizing the Composition scheme. This move has taken down the tax and compliance burden on several small businesses. GST Rate on Building Materials: GST Rate on Cement Cement is subjected to GST at a rate of 28%. Such a high rate of tax is importantly responsible for raising the cost of the infrastructure sector. GST Rate on Pipes Pipes are subjected to GST at a rate of 12%. Such a high rate of tax is considerably accountable for improving the cost of the infrastructure sector. Know more about GST Rate on Building Materials like Cement, Roofing Sheets, and Pipes.
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